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Chicago agricultural commodities futures market closes higher on key USDA report

Xinhua, September 12, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat, soybeans continue their advances on Friday after an official report showed weaker-than-expected corn yields.

The most active corn contract for December delivery advanced 12.75 cents, or 3.41 percent, to settle at 3.87 U.S. dollars per bushel. December wheat gained 7.00 cents, or 1.46 percent, to close at 4.85 dollars per bushel. November soybeans added 0.25 cents, or 0.03 percent, to close at 8.7425 dollars per bushel.

For the week, corn, wheat and soybeans gained 6.61 percent, 3.69 percent and 0.89 percent, respectively.

Corn rose sharply to nearly one-month high on Friday after the United States Department of Agriculture (USDA) predicted a worse-than-expected drop in its corn yields.

In its much anticipated monthly report, USDA projected the average corn yield at 167.5 bushels per acre, down 1.3 bushels from its August estimate of 168.8 bushels. While U.S. ending stocks of corn for 2015/16 are also projected 121 million bushels lower than earlier estimates.

The report put soybeans forecast at 3,935 million bushels, up 19 million. Analysts noted that the rise went against market expectations, pressuring soybeans down following its release. However, in late day trading, soybeans recovered from early losses and settled a little higher.

The big surge in corn also helped wheat advance Friday, said analysts.

Meanwhile, the Weekly Export Report released Friday by USDA also supported wheat. It reported net sales of 290,400 metric tons wheat for delivery in marketing year 2015/2016, which was up 5 percent from the previous week. Endit